By Theresa Fry, Senior Vice President and Manager, IRAs, Retirement and Education PlanningPrint This Post
Temperatures are warming up and flowers are blooming which means summer is right around the corner. Have you been busy making summer plans? Are you going to travel somewhere for a well-deserved vacation? Are you planning to finally read that book you bought last year? Maybe you’ve been thinking about making some healthy lifestyle changes and getting in more steps each day. Whatever your plans are for this summer, don’t forget to make plans to improve your financial health.
Benjamin Franklin is known for his advice through his writings in newspapers and almanacs. He is famously misquoted as saying “A penny saved is a penny earned.” The actual quote from a 1737 Poor Richard’s Almanack was “A penny saved is two pence clear” or said in modern language, a penny saved now can be two pennies free and clear in the future, or saving now means having money later. It was featured in an article titled, “Hints for Those That Would Be Rich”. He knew the importance of saving your pennies to add to the asset side of your balance sheet instead of spending them and creating liabilities or debts.
Many people struggle with having the right balance between earning, spending and saving their money. Through July, we’ll be providing some summer savings strategies to promote good saving and investing habits. We will cover a variety of topics that include tips for new college graduates and students with part-time or summer jobs, how to make saving more systematic by paying yourself first, budgeting and saving for both short-term and long-term goals, how to position your savings against two big enemies – taxes and inflation, and how to protect your savings from market volatility.
Ben Franklin also said, “An investment in knowledge pays the best interest.” We hope you enjoy our summer savings series. We are here to help you with your saving and investing needs. Contact a Benjamin F. Edwards financial advisor today if you would like more information.